Happy 529 Day — aka Educational Savings Day (5/29, get it?). A toast to all the savers!

If you have a child enrolling in college, and you’ve saved for it in a 529 Savings Plan, congratulations! It’s time to get your tax break! While paying for college with 529 Plan assets is not difficult, there are a few things to keep in mind. Here’s what you should know:

Student loans have been all over the news lately, and most of the news has been pretty frightening. The Boston Globe recently reported that outstanding student loan debt now totals $870 billion, surpassing both credit card and auto loan debt as a fraction of the economy, with over 14% of borrowers currently delinquent on payments. And the Washington Post detailed how Americans over age 60 still owe approximately $60 billion in student loans, borrowed either for themselves or to help put children or grandchildren through school, putting the retirement of older borrowers at risk.

While student loan statistics are scary, your family does not have to be a statistic. The key to using student loans successfully is to consider them a part of your college financing strategy, not the whole. Want to use them the right way? Take the following advice from our college financial planning experts:

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The Insider: College Admissions Advice from the Experts is where College Coach experts weigh in on the latest college admissions topics. We cover everything from application timelines and strategies to tips on financing your child's education.